The IPO underwriting market share in China: Do ownership and quality matter?

被引：19
|
作者：
Chen, Chao [1 ]
Shi, Haina [1 ]
Xu, Haoping [1 ]
机构：
[1] Fudan Univ, Sch Management, Shanghai 200433, Peoples R China
来源：
JOURNAL OF BANKING & FINANCE | 2014年 / 46卷
基金：
中国国家自然科学基金;
关键词：
Underwriter; IPO market share; Government ownership; Underwriting quality; INITIAL PUBLIC OFFERINGS; INVESTMENT BANKING; EARNINGS FORECASTS; REPUTATION; INFORMATION; FIRMS; RECOMMENDATIONS; RETURNS; STATE; CERTIFICATION;
D O I：
10.1016/j.jbankfin.2014.05.028
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates the determinants of initial public offering (IPO) underwriting market share in China. Using a sample of underwriters in China's IPO market during 2004-2012, we find the following results. First, underwriting quality is overall positively related to underwriting market share. Second, individual underwriting quality measures are significantly related to market share as well: Affiliated star analysts are valued by both state-owned enterprise (SOE) and non-SUE (NSOE) issuers. The post-IPO performance of previous clients (industry specialization) is a significant determinant of market share in the SUE (NSOE) IPO market. Third, central government ownership of underwriters is a significant determinant of market share in the SUE market. Finally, a further test on regulatory change shows that underwriting quality is playing an increasingly important role in enhancing underwriting market share in China's new issue reform era. (C) 2014 Elsevier B.V. All rights reserved.
引用
收藏
页码：177 / 189
页数：13
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